S. 388, The American Family Economic Protection Act of 2013 - R.I.P.
Senate Democrats came up with a beautiful alternative to the looming meat-axe sequestration cuts set to begin taking place tomorrow. It did all the right things (in my opinion) cutting spending in all the right places, over a longer period of time, and raising taxes ever so slightly only on the super rich.
It was a beautiful thing, yet obstinate Senate Republicans found a way to object to it and prevent its passage. How many 5 million dollar earners could they be protecting here? Of course, the defense and Big Ag lobbies certainly had their say.
If the bill would have become law, it would have replaced tens of billions of dollars in spending cuts set to take place this year with 10 years’ worth of deficit reducing tax increases and targeted spending cuts. The revenue would have come largely from individuals making over $5 million a year, by imposing a minimum “Buffett Rule” tax on their earnings. The cuts would have been divided evenly between agriculture subsidies and defense spending.
The bill needed sixty votes to pass because Republicans filibustered it. It only received 51 votes, with 3 Democrats (facing reelection) voting no. Harry Reid also voted no, which allows him to bring the bill up again quickly should that miraculously become a necessity.
President Obama is scheduled to meet with legislative leaders tomorrow to discuss ways of avoiding the sequestration cuts, but given that not only is there no proposed legislation in the dockets, but Congress has now given itself a 3-day weekend, it seems all but certain that the sequester cuts will start to take place.
Sen. McConnell smug and happy with his obstructionism
With both the House and Senate now out of session, and no legislation on the docket in either chamber to address sequestration, the Obama administration will be forced to issue the order on Friday. President Obama has invited congressional leaders to the White House tomorrow to discuss sequestration, but officials from both parties predict the event will yield little progress.
This bill was a very rational and sane alternative to the sequester, yet Republicans still complain that the Democrats and President Obama aren't providing leadership or alternatives. If we had a functioning Senate, this bill could likely have become law by tomorrow. It's clear their only objective is obstructionism. We have to do better and get rid of the filibuster.